{"id":79996,"date":"2024-05-31T04:32:40","date_gmt":"2024-05-31T08:32:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79996"},"modified":"2024-05-31T04:32:43","modified_gmt":"2024-05-31T08:32:43","slug":"lawmaker-urges-us-senate-to-pass-fit21-bill-before-election","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/lawmaker-urges-us-senate-to-pass-fit21-bill-before-election\/","title":{"rendered":"Lawmaker Urges US Senate to Pass FIT21 Bill Before Election"},"content":{"rendered":"\n<p>Rep. Patrick McHenry is calling on the  United States Senate to quickly pass the <a href=\"https:\/\/coinscreed.com\/staging\/us-house-passes-fit21-crypto-bill-in-surprise-move.html\">crypto-regulating FIT21 bill<\/a> before the upcoming election in November.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"648\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112-1024x648.png\" alt=\"Lawmaker Urges US Senate to Pass FIT21 Bill Before Election\" class=\"wp-image-79999\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112-1024x648.png 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112-300x190.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112-768x486.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112-750x474.png 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112.png 1069w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Lawmaker Urges US Senate to Pass FIT21 Bill Before Election<\/figcaption><\/figure>\n\n\n\n<p>Patrick McHenry, a departing Republican lawmaker from the United States, has pressured the Senate to approve a crucial crypto-regulatory bill before the November presidential election.<\/p>\n\n\n\n<p>On May 22, 208 Republicans and 71 Democrats voted in favor of the House's Financial Innovation and Technology for the 21st Century Act (FIT21).<\/p>\n\n\n\n<p>On May 30, Bloomberg's Balance of Power interviewed the <a href=\"https:\/\/coinscreed.com\/staging\/anti-cbdc-bill-passes-house-financial-services-committee.html\" target=\"_blank\" rel=\"noreferrer noopener\">House Financial Services<\/a> Chairman, retiring from Congress in January. &#8220;This should serve as a wake-up call for the Senate to get moving.&#8221;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThey need to stay focused on getting policy here and get it done before the election.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>The measure facilitates the classification of most cryptocurrencies as commodities, thereby subjecting them to regulation by the Commodity Futures Trading Commission.<\/p>\n\n\n\n<p>CFTC regulations are more favorable to cryptocurrencies in the eyes of the industry than SEC regulations; however, the SEC retains jurisdiction over cryptocurrencies that lack adequate decentralization.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Rep. McHenry Says We Need Stablecoin Regulation\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/pAy5HNNDmcY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>When McHenry first heard from the Senate regarding FIT21, he was astounded by &#8220;the enormous margin&#8221; by which it had cleared the House. The bill encountered resistance from both the SEC and President Joe Biden.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cFor us to pass that important bill FIT21 with a two-thirds vote of the House of Representatives in these divided times, it is a major statement.&#8221;<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>He continued, &#8220;We are here to formulate serious policy.&#8221; We desire a regulated <a href=\"https:\/\/coinscreed.com\/staging\/crypto-firms-eye-custody-market-as-institutional-adoption-grows.html\">cryptocurrency and digital asset market<\/a> in the United States.<\/p>\n\n\n\n<p>In contrast to the Senate's 49 Republicans, Senate Majority Leader Chuck Schumer leads the chamber's 48 Democrats in caucus with all three of its independents.<\/p>\n\n\n\n<p>There are no temporal restrictions on the Senate's consideration of FIT21. Its passage requires the support of a majority of 51 senators.<\/p>\n\n\n\n<p>For nearly two years, McHenry has collaborated with Democratic Representative Maxine Waters to pass a bill about stablecoins. He acknowledged that the measure would require Senate approval as an attachment to a larger legislative package.<\/p>\n\n\n\n<p>He rejected the notion of tying the stablecoin measure to the SAFER Banking Act, an initiative that expands financial services available to cannabis companies.<\/p>\n\n\n\n<p>&#8220;The proposed legislation regarding cannabis financing does not have my support. McHenry stated, &#8220;I voted against it in the previous two Congresses.&#8221;<\/p>\n\n\n\n<p>He added that Republicans would &#8220;apply maximum pressure&#8221; to convince Schumer and the Senate to give precedence to the passage of a cryptocurrency measure.<\/p>\n\n\n\n<p>The scheduled date for the U.S. presidential elections is November 5.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Patrick McHenry is calling on the United States Senate to quickly pass the crypto-regulating FIT21 bill before the upcoming election in November. Patrick McHenry, a departing Republican lawmaker from the United States, has pressured the Senate to approve a crucial crypto-regulatory bill before the November presidential election. On May 22, 208 Republicans and 71 [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":79999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15476,19084,1836],"class_list":["post-79996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-fit21","tag-us-2024-election","tag-us-senate"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-112.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79996"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79999"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}